Nio (NYSE: NIO) reported third-quarter revenue of RMB 19.07 billion, up 46.64 percent year-on-year and 117.36 percent from the second quarter.
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Steps being taken by Nio should bear fruit in the coming quarters, but a material improvement in the sales trajectory may take more time, Edison Yu's team said.
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Nio delivered 55,432 vehicles in the third quarter, slightly above the lower end of the guidance range of 55,000 to 57,000 vehicles.
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Xpeng announced its third-quarter earnings today and held an analyst call afterwards. Here's what the company mentioned on the call.
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"Promotional activity appeared more aggressive than anticipated," Deutsche Bank said.
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Xpeng guided for fourth-quarter deliveries in the range of 59,500 to 63,500 units, meaning it expects to deliver a total of 39,498 to 43,498 vehicles in November and December.
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Li Auto's third-quarter results were somewhat mixed, with a strong outlook for fourth-quarter sales, according to Deutsche Bank.
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"In light of China's EV market remaining ultra competitive for the foreseeable future, Xpeng's strategy continues to resonate well with us, making the stock our Top Pick in the group," Deutsche Bank said.
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While demand for Li Auto's vehicles remains robust, investor concerns about competition have increased, particularly around Huawei-backed Aito, said Deutsche Bank analyst Edison Yu's team.
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BYD had a record gross margin of 25.7 percent for its auto business in the third quarter, a 4-percentage point improvement from the second quarter.
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